The new Formula 1 Concorde Agreement is signed until 2030
The new Concorde Governance Agreement has now been signed by all parties, which will be in effect until 2030.
After the Commercial Concorde Agreement was previously signed in March, FOM, FIA and all 11 Formula 1 teams have signed the Concorde Governance Agreement as well. These two agreements will run until 2030.
The exact details of the agreements will not be revealed, but it is described to be a positive step forward in terms of the relationship with the FIA, and beneficial for all parties.
What is a Concorde Agreement?
This will be the ninth Concorde Agreement in Formula 1's long history, after the first one was signed back in 1981.
The Concorde Agreement is essentially a contract between Formula 1’s eleven teams, the FIA, the sport’s governing body, and F1’s commercial rights holder, Liberty Media. Its purpose is to ensure stability, fairness, and financial transparency across the sport.
This also includes, among other things, how the prize pot is shared after each season.
Find out more about the Concorde Agreement here!
Formula 1 president reacts to Concorde Agreement
F1 president and CEO, Stefano Domenicali, described the Concorde Agreement as the best possible position to continue the growth of the sport around the globe, following the announcement of the latest Concorde Agreement.
“Today is an important day for Formula 1. As we celebrate 75 years of this incredible sport, we are proud to write the next chapter in our long and amazing history. This agreement ensures that Formula 1 is in the best possible position to continue to grow around the world.”
The Italian motorsports chief continued by expressing gratitude to FIA president Mohammed Ben Sulayem:
“I want to thank the President of the FIA, Mohammed Ben Sulayem, and all the teams for the collaboration and determination to achieve the best results for the entire sport in our discussions. We have a huge amount to be proud of, but we are also focused on the opportunities and exciting potential for Formula 1 in the years ahead.”
Ben Sulayem also shared his take on the Concorde Agreement. The recently re-elected FIA president expressed how proud he was that both F1 and the FIA could come to another agreement.
“The ninth Concorde Agreement secures the FIA Formula One World Championship’s long-term future, and I am proud of the dedication that has been invested in this process. I would like to thank Stefano Domenicali and his team for what has been a strong collaboration, building a framework grounded in fairness, stability, and shared ambition."
"This agreement allows us to continue modernising our regulatory, technological, and operational capabilities, including supporting our race directors, officials, and the thousands of volunteers whose expertise underpin every race. We are ensuring that Formula 1 remains at the forefront of technological innovation, setting new standards in global sport,” he concluded.
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